This is a lot of money that was rat-holed from employment that taxes were paid on.
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You won’t have any problems as long as that money was obtained legitimately. The bank will have to fill out a form, and you are going to have to declare, under the penalty of perjury, where the money came from. As long as you do not lie, you’ll be fine, and the whole transaction should not take more than 5 minutes.
On the other hand, if the source of the money is a little shaddy, you are going to have to launder it. And I’m not about to tell you how to go about that.
The SAME way they put $1.50 in the bank without any problems. Required reporting of transactions over $10,000 are NOT taxable events. The purpose is to detect money laundering. A SINGLE transaction will hardly be noticed. ANY attempt to avoid the reporting threshold will be classified as ‘suspicious transactions’. That is almost guaranteed to attract unwanted attention.
Any transaction over $10,000 is going to be reported to the IRS anyway, so assuming it’s all legal money, just deposit it into a brokerage account. Of course the broker is probably going to point out that had you been putting the cash into an account (where it could work for you) instead of a shoebox for the last 25 years, you’d have close to ten times as much…
Your not giving us the amount so that makes it difficult.. First and foremost bring all the cash in at the same time. you just need to go straight to the teller with it. They will ask just a few questions about your occupation and the source of the funds. The money is legit (right?) so you’ll have nothing to worry about. One report will be no big deal trust me… I file them every day at my job.
PS: Don’t put money away anymore.. you’ve already lost too much!
Distribute your money in $90K increments in different accounts so you will be protected by FDIC $100K per account protection
Even better iare Money Market Account, which you should do in the above increments — Your money draws interest and is liquid
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